The second round of March Social Security payments, worth up to $5,108, is set to be distributed in just three days, marking the next wave of financial support for millions of retirees.
When Will You Get Paid?
Social Security payments follow a staggered schedule each month, depending on the recipient’s birthdate:
- March 12 – Retirees born on or before the 10th of the month
- March 19 – Retirees born between the 11th and 20th of the month
- March 26 – Retirees born on or after the 21st of the month
Those who retired before May 1997 or who receive Supplemental Security Income (SSI) typically get their payments on the first of the month instead of following this schedule.
How Can You Maximize Your Social Security Check?
If you’re looking to increase your monthly Social Security check, consider these strategies:
1. Delay Your Retirement
The longer you wait to claim your benefits, the higher your monthly payout:
- Retire at 62 → Maximum benefit: $2,831 per month
- Retire at 67 (Full Retirement Age) → Higher benefit
- Retire at 70 → Maximum benefit: $5,108 per month
2. Work More Years & Increase Earnings
Social Security calculates your benefits based on your 35 highest-earning years. If you replace low-earning years with higher-income years by working longer, your benefits will increase.
3. Avoid Claiming Early If Possible
Claiming before full retirement age reduces your benefit permanently, while waiting longer increases it. If you can delay, you’ll receive delayed retirement credits, boosting your check.
4. Understand Spousal & Survivor Benefits
If you’re married, you may be able to claim spousal benefits (up to 50% of your spouse’s benefit). If you’re widowed, survivor benefits could provide 100% of your late spouse’s check if claimed at full retirement age.
Is Social Security Running Out?
While Social Security isn’t disappearing, current projections show that the SSA could face funding shortages by 2034. If Congress doesn’t intervene, benefits could be reduced to around 80% of their full value. The shortfall is due to an increasing number of retirees compared to the workforce paying into the system.
FAQs: Your Social Security Questions Answered
1. What if my payment is late?
If your check hasn’t arrived within three business days of your payment date, contact the Social Security Administration (SSA) at 1-800-772-1213 or check your status online at ssa.gov.
2. Can I receive Social Security while still working?
Yes, but if you haven’t reached full retirement age, your benefits may be temporarily reduced based on how much you earn. Once you reach full retirement age, you can earn as much as you want without any reduction.
3. How is Social Security funded?
Social Security is funded through payroll taxes paid by workers and employers. Each pays 6.2% of wages, with self-employed individuals covering 12.4%.
4. Can Social Security go bankrupt?
No, but unless Congress acts, benefits may be cut by about 20% in 2034 due to funding shortfalls. Potential solutions include raising the payroll tax cap, increasing the retirement age, or adjusting benefit formulas.
5. How can I check my estimated benefits?
You can see a personalized estimate of your Social Security payments by using the SSA’s online calculator at ssa.gov/myaccount.
Final Thoughts
With March’s Social Security payments rolling out, now is a great time to review your benefits strategy and consider ways to maximize your future payments. While the program remains stable for now, staying informed and planning ahead can help secure your financial future .